This is an old revision of this page, as edited by Panda (talk | contribs) at 18:11, 17 October 2007 (Reverted 2 edits by Vision Thing; No reason for revert, please stop removing multiple edits by multiple editors needlessly. using TW). The present address (URL) is a permanent link to this revision, which may differ significantly from the current revision.
Revision as of 18:11, 17 October 2007 by Panda (talk | contribs) (Reverted 2 edits by Vision Thing; No reason for revert, please stop removing multiple edits by multiple editors needlessly. using TW)(diff) ← Previous revision | Latest revision (diff) | Newer revision → (diff)The Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel (Sveriges Riksbanks pris i ekonomisk vetenskap till Alfred Nobels minne) is a prize awarded each year for outstanding intellectual contributions in the field of economics. The prize is generally considered the most prestigious honor in economics.
Award process
Unlike the physics, chemistry, medicine, literature, and peace prizes, a prize for economics was never requested by Alfred Nobel in his will. The award was established some 70 years after his death by the Bank of Sweden on its 300th anniversary in 1968. The prize is awarded by the Royal Swedish Academy of Sciences in accordance with the same principles as those for the five Nobel Prizes. Nominations of about one hundred living persons are made each year by qualified nominators and are received by a five to eight member committee, which then submits its choice of winners to the Nobel Assembly for its final approval. As with the other prizes, no more than three people can share the prize for a given year and they must be living at the time the prize is awarded. The final award is presented in Stockholm, accompanied by a cash prize of 10 million Kronor (approximately 1 million euro).
The economics laureates receive their diploma and gold medal from the Monarch of Sweden at the same December 10 ceremony in Stockholm as the Nobel laureates in physics, chemistry, physiology or medicine, and literature. The Nobel Peace Prize is awarded in Oslo, Norway. The amount of money awarded to the economics laureates is also equal to that of the Nobel Prizes.
In February 1995, it was decided that the economics prize be essentially defined as a prize in social sciences, opening the economics prize to great contributions in fields like political science, psychology, and sociology. Also, the Economics Prize Committee was changed to require two non-economists to decide the prize each year, whereas previously the prize committee had consisted of five economists.
Controversies and criticisms
The prestige of the prize derives in part from its association with the awards created by Alfred Nobel's will, an association which has often been a source of controversy. Among the most vocal critics of the economics prize is the Swedish human rights lawyer Peter Nobel, who is a great-grandnephew of Alfred Nobel. Swedish economist Gunnar Myrdal and former Swedish minister of finance Kjell-Olof Feldt have also advocated that the prize should be abolished . In the case of at least the former, however, this objection was based on his opinion that the prize awarded to liberal economists Milton Friedman and Friedrich Hayek was undeserved - not that economics itself did not qualify as a science. Friedrich Hayek stated he would "have decidedly advised against it" if he had been asked about the establishment of the prize.
About the name
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Since the official name of the prize is in Swedish, the English name for the prize has varied throughout history. The Nobel Foundation has translated the name to the following:
- "Prize in Economic Science dedicated to the memory of Alfred Nobel" (1969-1970)
- "Prize in Economic Science" (1971)
- "Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" (1972)
- "Prize in Economic Science in Memory of Alfred Nobel" (1973-1977, 1983)
- "Alfred Nobel Memorial Prize in Economic Sciences" (1978-1982, 1984-1990)
- "Sveriges Riksbank (Bank of Sweden) Prize in Economic Sciences in Memory of Alfred Nobel" (1991)
- "Bank of Sweden Prize in Economic Sciences in Memory of Alfred Nobel" (1992-2005)
- "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel" (2006-2007)
Probably due to its long name, many people have referred to the economics award by several different names. During the Nobel Banquet, many laureates have chosen to not name the prize. Those that have, have referred to the prize as:
- "Alfred Nobel Memorial Prize for Economics" in 1969 by Jan Tinbergen
- "Alfred Nobel Memorial Awards in Economics" in 1970 by Paul A. Samuelson
- "Nobel Memorial Prize" in 1971 by Simon Kuznets and in 1994 by John C. Harsanyi
- "Nobel Memorial Prize for economic science" in 1974 by Friedrich August von Hayek
- "award for economics" in 1975 by Tjalling C. Koopmans
- "Prize in Economic Sciences in Memory of Alfred Nobel" in 1976 by Milton Friedman, in 1981 by James Tobin, and in 2006 by Edmund S. Phelps
- "Nobel Prize in Economics" in 1979 by Theodore W. Schultz and in 1995 by Robert E. Lucas Jr., as well as its French version "Prix Nobel d'Economie" in 1988 by Maurice Allais
- "Prize in Economic Science" in 1981 by Lawrence R. Klein
The press and other agencies have also called the prize:
- "Nobel Memorial Prize in Economics"
- "Nobel Memorial Prize in Economic Sciences"
The common name "Nobel Prize in Economics" has been the issue of a lawsuit. In 2004, a book publisher was sued for stating that Amartya Sen was a Nobel Prize winner in the Bengali translation of a book by Sen. The petitioner claimed that "There is no Nobel Prize for economics. So it is wrong to describe Sen as a Nobel Prize winner."
In popular culture
In the television series The West Wing, the fictional US president Josiah Bartlet is a Nobel laureate in economics.
Laureates
The following is a list of all laureates in economics.
| Year | Name | Country | Topics |
|---|---|---|---|
| 1969 | Ragnar Frisch Jan Tinbergen |
 Norway Netherlands
|
for having developed and applied dynamic models for the analysis of economic processes |
| 1970 | Paul Samuelson |  United States
|
for the scientific work through which he has developed static and dynamic economic theory and actively contributed to raising the level of analysis in economic science |
| 1971 | Simon Kuznets | United States
|
for his empirically founded interpretation of economic growth which has led to new and deepened insight into the economic and social structure and process of development |
| 1972 | John Hicks Kenneth Arrow |
 United Kingdom United States
|
for their pioneering contributions to general economic equilibrium theory and welfare theory |
| 1973 | Wassily Leontief | United States
|
for the development of the input-output method and for its application to important economic problems. |
| 1974 | Gunnar Myrdal Friedrich Hayek |
 Sweden United Kingdom/ Austria
|
for their pioneering work in the theory of money and economic fluctuations and for their penetrating analysis of the interdependence of economic, social and institutional phenomena |
| 1975 | Leonid Kantorovich Tjalling Koopmans |
 Soviet Union United States
|
for their contributions to the theory of optimum allocation of resources |
| 1976 | Milton Friedman | United States
|
for his achievements in the fields of consumption analysis, monetary history and theory and for his demonstration of the complexity of stabilisation policy |
| 1977 | Bertil Ohlin James Meade |
Sweden United Kingdom
|
for their pathbreaking contribution to the theory of international trade and international capital movements |
| 1978 | Herbert Simon | United States
|
for his pioneering research into the decision-making process within economic organizations |
| 1979 | Theodore Schultz Arthur Lewis |
United States United Kingdom
|
for their pioneering research into economic development research with particular consideration of the problems of developing countries. |
| 1980 | Lawrence Klein | United States
|
for the creation of econometric models and the application to the analysis of economic fluctuations and economic policies |
| 1981 | James Tobin | United States
|
for his analysis of financial markets and their relations to expenditure decisions, employment, production and prices |
| 1982 | George Stigler | United States
|
for his seminal studies of industrial structures, functioning of markets and causes and effects of public regulation |
| 1983 | Gérard Debreu | United States
|
for having incorporated new analytical methods into economic theory and for his rigorous reformulation of the theory of general equilibrium. |
| 1984 | Richard Stone | United Kingdom
|
for having made fundamental contributions to the development of systems of national accounts and hence greatly improved the basis for empirical economic analysis |
| 1985 | Franco Modigliani |  Italy
|
for his pioneering analyses of saving and of financial markets |
| 1986 | James M. Buchanan | United States
|
for his development of the contractual and constitutional bases for the theory of economic and political decision-making |
| 1987 | Robert Solow | United States
|
for his contributions to the theory of economic growth |
| 1988 | Maurice Allais |  France
|
for his pioneering contributions to the theory of markets and efficient utilization of resources |
| 1989 | Trygve Haavelmo | Norway
|
for his clarification of the probability theory foundations of econometrics and his analyses of simultaneous economic structures |
| 1990 | Harry Markowitz Merton Miller William Forsyth Sharpe |
United States
|
for their pioneering work in the theory of financial economics |
| 1991 | Ronald Coase | United Kingdom
|
for his discovery and clarification of the significance of transaction costs and property rights for the institutional structure and functioning of the economy |
| 1992 | Gary Becker | United States
|
for having extended the domain of microeconomic analysis to a wide range of human behaviour and interaction, including non-market behaviour |
| 1993 | Robert Fogel Douglass North |
United States
|
for having renewed research in economic history by applying economic theory and quantitative methods in order to explain economic and institutional change |
| 1994 | John Harsanyi John Forbes Nash Reinhard Selten |
United States United States Germany
|
for their pioneering analysis of equilibria in the theory of non-cooperative games |
| 1995 | Robert Lucas, Jr. | United States
|
for having developed and applied the hypothesis of rational expectations, and thereby having transformed macroeconomic analysis and deepened our understanding of economic policy |
| 1996 | James Mirrlees William Vickrey |
United Kingdom United States
|
for their fundamental contributions to the economic theory of incentives under asymmetric information |
| 1997 | Robert C. Merton Myron Scholes |
United States Canada
|
for a new method to determine the value of derivatives |
| 1998 | Amartya Sen |  India
|
for his contributions to welfare economics |
| 1999 | Robert Mundell | Canada
|
for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas |
| 2000 | James Heckman | United States
|
for his development of theory and methods for analyzing selective samples |
| Daniel McFadden | United States
|
for his development of theory and methods for analyzing discrete choice | |
| 2001 | George Akerlof Michael Spence Joseph E. Stiglitz |
United States
|
for their analyses of markets with asymmetric information. |
| 2002 | Daniel Kahneman | United States/ Israel
|
for having integrated insights from psychological research into economic science, especially concerning human judgment and decision-making under uncertainty |
| Vernon L. Smith | United States
|
for having established laboratory experiments as a tool in empirical economic analysis, especially in the study of alternative market mechanisms | |
| 2003 | Robert F. Engle Clive Granger |
United States United Kingdom
|
for methods of analyzing economic time series with time-varying volatility or common trends |
| 2004 | Finn E. Kydland Edward C. Prescott |
Norway United States
|
for their contributions to dynamic macroeconomics: the time consistency of economic policy and the driving forces behind business cycles |
| 2005 | Robert Aumann (ישראל אומן) Thomas Schelling |
Israel/ United States United States
|
for having enhanced our understanding of conflict and cooperation through game-theory analysis |
| 2006 | Edmund Phelps | United States
|
for his analysis of intertemporal tradeoffs in macroeconomic policy |
| 2007 | Leonid Hurwicz, Eric S. Maskin, Roger B. Myerson | United States
|
for having laid the foundations of mechanism design theory |
References
- Snowdon, Brian (2002). An Encyclopedia of Macroeconomics. Cheltenham, UK: Edward Elgar Publishing. ISBN 1840643870.
{{cite book}}: Unknown parameter|coauthors=ignored (|author=suggested) (help) - "Nobel descendant slams Economics prize". The Local. 28 Sept 2005. Retrieved 2007-08-31.
{{cite news}}: Check date values in:|date=(help) - Samuel Brittan (19 December 2003). "The not so noble Nobel Prize". The Financial Times. Retrieved 2007-08-31.
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Lundberg, Erik (1969-12-10). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1969: Presentation Speech". Nobel Foundation. Retrieved 2007-10-17.
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Lindbeck, Assar (1970-12-10). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1970: Presentation Speech". Nobel Foundation. Retrieved 2007-10-17.
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Ohlin, Bertil (1971-12-10). "The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1971: Presentation Speech". Nobel Foundation. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1972: Press Release". Nobel Foundation. 1972-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1973: Press Release". Nobel Foundation. 1973-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1977: Press Release". Nobel Foundation. 1977-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1983: Press Release". Nobel Foundation. 1983-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1978: Press Release". Nobel Foundation. 1978-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1982: Press Release". Nobel Foundation. 1982-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1984: Press Release". Nobel Foundation. 1984-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1990: Press Release". Nobel Foundation. 1990-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1991: Press Release". Nobel Foundation. 1991-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 1992: Press Release". Nobel Foundation. 1992-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2005: Press Release". Nobel Foundation. 2005-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2006: Press Release". Nobel Foundation. 2006-12-10. Retrieved 2007-10-17.
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"The Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel 2007: Press Release". Nobel Foundation. 2007-12-10. Retrieved 2007-10-17.
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Tinbergen, Jan (1969-12-10). "Jan Tinbergen: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Samuelson, Paul A. (1970-12-10). "Paul A. Samuelson: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Kuznets, Simon (1971-12-10). "Simon Kuznets: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Harsanyi, John C. (1994-12-10). "John C. Harsanyi: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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von Hayek, Friedrich August (1974-12-10). "Friedrich August von Hayek: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Koopmans, Tjalling C. (1975-12-10). "Tjalling C. Koopmans: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Friedman, Milton (1976-12-10). "Milton Friedman: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Tobin, James (1981-12-10). "James Tobin: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Phelps, Edmund S. (2006-12-10). "Edmund S. Phelps: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Schultz, Theodore W. (1979-12-10). "Theodore W. Schultz: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Lucas Jr., Robert E. (1995-12-10). "Robert E. Lucas Jr.: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Allais, Maurice (1988-12-10). "Maurice Allais: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Klein, Lawrence R. (1980-12-10). "Lawrence R. Klein: Banquet Speech". Nobel Foundation. Retrieved 2007-10-16.
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Tickner, Neil (2005-10-10). "University of Maryland Economist Wins Nobel Memorial Prize in Economics". University of Maryland. Retrieved 2007-10-16.
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"The 2003 Nobel Memorial Prize in Economics: Analyzing Data with Irregular Trends and Volatility". National Science Foundation. 2004-12-23. Retrieved 2007-10-16.
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Associated Press (2007-10-15). "Recent winners of the Nobel Memorial Prize in economics". Star Tribune. Retrieved 2007-10-16.
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IANS (2004-10-08). "Amartya Sen's Nobel challenged in court". newindpress.com. Retrieved 2007-10-16.
{{cite news}}: Check date values in:|date=(help) -
IANS (2004-10-08). "Did Amartya Sen get the Nobel?". The Times of India. Retrieved 2007-10-16.
{{cite news}}: Check date values in:|date=(help) - "All Laureates in Economics". the Nobel Foundation. 2007. Retrieved 2007-09-25.
External links
- Laureates at the Nobel Foundation
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| Related | |||||||||
| Nobel Memorial Prize (not one of the original Nobel Prizes). | |||||||||
| Financial economics awards | |
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| Career awards | |
| Research awards | |